A/RES/72/262 Special subjects relating to the proposed programme budget for the biennium 2018–2019 12. Notes with concern the high number of vacant posts, and in this regard requests the Secretary-General and the Pension Board to take appropriate measures to fill all of the vacant posts in the Fund, in full compliance with relevant provisions governing recruitment; 13. Welcomes the establishment of the pilot service centre in Nairobi, as well as the proposed establishment of a regional service centre in Asia, and requests the secretariat of the Fund to present to the General Assembly at the main part of its seventy-third session a comprehensive strategy to bring the service centres to full functionality; 14. Emphasizes the importance of the Fund meeting its target annual real rate of return of 3.5 per cent, and in this regard requests the Secretary-General to continue to improve the investment performance of the Fund and to report thereon in the context of future reports on the investments of the Fund; 15. Welcomes the review conducted by the Secretary-General of the governance and compliance procedures of the Investment Management Division with regard to its trading activities, and in this regard encourages the Secretary -General to undertake a review of the research and trading activities of the Division, in particul ar its selection of brokers and dealers, and to report thereon in the context of the report of the Pension Board no later than at the seventy-fourth session of the General Assembly; 16. Expresses concern that for the calendar year 2016, the Fund suffered currency losses of 679,900,000 dollars, and that the Fund has incurred cumulative losses of 4,680,000,000 dollars since 2013, and urges the Secretary-General to continue to employ suitable procedures and tools to mitigate risks related to foreign exchange losses; 17. Reaffirms that, in accordance with article 19 of the regulations of the Fund, the Secretary-General serves as fiduciary for the investment of the assets of the Fund and has fiduciary responsibility for deciding upon the investment of the asset s of the Fund; 18. Stresses the need to avoid any action that would compromise the fiduciary responsibilities and long-term sustainability of the Fund; 19. Requests the Secretary-General, as fiduciary for the investment of the assets of the Fund, to continue to diversify its investments between developed, developing and emerging markets, wherever this serves the interests of the participants and the beneficiaries of the Fund, and also requests the Secretary -General to ensure that decisions concerning the investments of the Fund in any market are implemented prudently, taking fully into account the four main criteria for investment, namely safety, profitability, liquidity and convertibility; 20. Requests the Fund to incorporate provisions on the duration of contracts and formalize the method of evaluation before awarding contracts to or renewing the contracts of the Fund managers; 21. Recalls paragraph 29 of its resolution 69/113 of 10 December 2014, and requests the Secretary-General to continue to explore cost-saving measures additional to the reduction in the use of non-discretionary advisory fees, as appropriate; 22. Also recalls paragraph 21 (c) of the terms of reference of the Investments Committee of the Fund, and requests the Secretary-General to increase efforts to identify potential candidates for the Investments Committee from all regional groups; 14/27 17-23363